The closer a residential lease in Tenterden gets to zero years unexpired, the more it reduces the value of the property. If the lease has, more than 100 years remaining then this decrease may be fractional nevertheless there will become a point in time when a lease has fewer than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary logic behind why you should extend the lease without delay. Most flat owners in Tenterden will qualify for this right; nevertheless a lawyer can confirm whether you qualify for a lease extension. In limited situations you may not qualify, the most common reason being that you have owned the property for under two years.
Leasehold residencies in Tenterden with in excess of 100 years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barnsley Building Society | |
| Coventry Building Society | |
| Halifax | |
| TSB |
Lease extensions in Tenterden can be a difficult process. We recommend you procure guidance from a conveyancing solicitor and surveyor with experience in this area.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience procuring Tenterden lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Half a year ago Evan, came perilously close to the 80-year mark with the lease on his basement apartment in Tenterden. In buying his flat 19 years previously, the length of the lease was of minimal bearing. Luckily, he realised he needed to take action soon on Extending the lease. Evan extended the lease just under the wire last April. Evan and the landlord ultimately settled on an amount of £6,000 . If the lease had fallen lower than eighty years, the figure would have increased by a minimum £975.
Last Autumn we were contacted by Dr Ethan González , who completed a purpose-built flat in Tenterden in November 1997. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be for a 90 year lease extension. Identical homes in Tenterden with a long lease were worth £186,000. The mid-range amount of ground rent was £65 invoiced per annum. The lease ended in 2084. Considering the 58 years as a residual term we approximated the premium to the freeholder for the lease extension to be between £24,700 and £28,600 not including professional charges.
Last month we were called by Dr N Richardson , who purchased a garden apartment in Tenterden in July 2008. We are asked if we could shed any light on how much (roughly) premium would be for a ninety year extension to my lease. Similar flats in Tenterden with 100 year plus lease were worth £250,000. The average ground rent payable was £50 billed every twelve months. The lease end date was on 27 May 2095. Considering the 69 years left we calculated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 plus legals.